In its half-year results today, Gulf Keystone confirmed continued strong operational performance from Shaikan. The company continues to produce high volumes from Shaikan (a new daily high of 45mbblsd in August), though struggles to receive revenues for its crude. The payments situation remains unchanged, but first cash receipts from the KRG to contractors are now expected in September. This remains the overriding theme for investors in Kurdistan-based companies. We have tweaked our valuation, which remains at 55p/share.